Tag: special needs trusts

A Cautionary Tale for Parents of Children with Special Needs

A parent of a child with Special Needs must take special care when preparing an estate plan. Special Needs Trusts are often recommended to ensure that an inheritance will assist a child with special needs without negatively affecting government benefits. Sometimes a parent will choose to forgo a Special Needs Trust in favor of an informal arrangement with surviving siblings. (ie. All the money will be left to the healthy child, Sharon, to care for the child with special needs, Sarah.) The risks of such an informal arrangement are numerous. Using the names from our example above:

• Sharon could… Read the rest

Special Needs Trusts in Ohio- Trusts Funded with a Disabled Person’s Own Funds- Why is it Used & Trust Options

Why it is Used

Special Needs Trusts are trusts established for disabled individuals under the age of 65. The goal of the trust is to hold funds that the disabled individual may have received from settlement, inheritance, or earned or received prior to the onset of a disability to improve quality of life without effecting eligibility for programs like Medicaid, SSI or SSDI. Funds in a special needs trust can be used for extras like:

• Attendance or participation at recreational or cultural events;
• Travel and vacations;
• Participation in hobbies, sports or other activities;
• Funds … Read the rest